Series B Funding Helps 80 Acres Farms Climb to New Heights
10 Oct 2022
The worldwide demand for food is constantly growing, but farmable land is, if anything, shrinking. One way forward: vertical farming, in which a one-quarter-acre man-made vertical structure can offer the same growing space as 80 acres of horizontal farmland.
That’s where AgTech innovator 80 Acres Farms gets its name from. The Ohio-based company tackles both sustainability and food insecurity by growing food differently.
The 80 Acres Farm difference
Source: 80 Acres Farms internal numbers
The company operates eight indoor farms in the US and its products — just-picked salads, tomatoes, cucumbers, herbs and microgreens — are sold at major grocery chains, and to national foodservice distributors.
We are on a mission to ensure that every community has access to healthy, nutritious food, grown in a way that is more efficient and sustainable than traditional farming. Raising $160 million in equity from investors that are best-in-class for our industry is going to help us fast-track those goals.
Tisha Livingston, President, 80 Acres Farm
Growing to new heights
When the company needed to raise funds to build and launch its first full, commercial-scale production facility, Barclays was an obvious choice to arrange the Series B financing, given its long-standing relationship with 80 Acres Farms, as well as the bank’s depth of experience in the AgTech space.
Working as sole placement agent on the $200 million capital raise, the Sustainable & Impact Banking team secured investors who could be strategic partners for 80 Acres Farms based on their existing investments and expertise in consumer retail, technology and sustainability. The investment will help 80 Acres Farms to further its trio of food-production missions: using fewer natural resources, decreasing the carbon footprint of agriculture, and reducing the miles food has to travel for consumption.
Our deep knowledge of agriculture and vertical farming enabled us to strategically position 80 Acres Farms from a sustainability angle that appealed to investors.
Summer Johnson, Vice President, Sustainable & Impact Banking, Barclays Corporate and Investment Bank
80 Acres first met the team in 2019 through the bank’s Unreasonable Impact programme, which supports high-growth ventures addressing social and environmental challenges. This was where the two companies first discovered their shared passion for enhancing sustainability in the agriculture industry.
We have built a very close relationship with 80 Acres Farms CEO Mike Zelkind and President Tisha Livingston. We are excited to have played a pivotal role in the Series B financing and look forward to supporting the company as it grows.
Brian Reilly, Global Head of Sustainable & Impact Banking, Barclays Corporate and Investment Bank